Frankfort Bankruptcy Lawyer
Frankfort Bankruptcy Lawyer
Filing for bankruptcy gives individuals, families, and businesses who are unable to meet their financial burdens the opportunity to have some or all of their debts forgiven, thus giving them a fresh financial start. Unfortunately, filing for bankruptcy is difficult and requires compliance with a series of complex procedural rules, so if you are considering filing for bankruptcy, it is critical to first speak with an experienced Frankfort bankruptcy lawyer who can ensure that your own claim is not rejected due to an avoidable error.
Chapter 7 Bankruptcy
There are actually a number of different types of bankruptcy for which a person can file. However, one of the most popular forms is known as Chapter 7 bankruptcy, which allows for the discharge of unsecured debt through the sale of non-exempt assets. Examples of unsecured debt include:
- Credit card debt;
- Debt incurred after taking out personal loans;
- Student loan debt;
- Court-ordered child support payments; and
- Medical bills.
Secured debts, on the other hand, remain unaltered, which means that the collateral used to secure those debts will remain in the debtor’s possession as long as that individual makes timely payments. Chapter 7 bankruptcy proceedings are always available to businesses and individuals with business debt, although individuals without such debt are only permitted to file a Chapter 7 petition if their current monthly income is lower than the median income for a household of their size in the state.
Chapter 11 Bankruptcy
Chapter 11 bankruptcy provides filers with a number of options to reorganize debt so that they are able to repay some of their debts, discharge others, and restructure any remaining payments. Chapter 11 is often a good move for corporations, limited liability companies, and partnerships, as it allows these entities to create a plan for profitability in a post-bankruptcy setting, (which could include cutting costs, or looking for new sources of revenue), while also holding creditors at bay. However, filing for Chapter 11 bankruptcy with a knowledgeable Frankfort bankruptcy lawyer is also technically an option for individuals who have too much debt or income to qualify for Chapter 7 or 13 bankruptcy proceedings.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy proceedings allow filers to discharge some of their debt and repay the rest over a three to five-year period. Unlike Chapters 7 and 11, Chapter 13 is only available to individuals and not businesses, although, in order to qualify, filers need to satisfy certain income and debt threshold requirements. This option tends to be especially attractive to those with significant incomes or valuable property, as these assets are protected, while any discretionary income is used to pay off creditors.
Contact Our Office Today
Whether a person chooses to file for Chapter 7, 11, or 13 bankruptcy, he or she should be represented and advised by an experienced attorney. To learn more about how we can help you during this difficult time, please call 708-949-6440 and a member of the dedicated legal team at Forst Law Offices will help you schedule an initial case evaluation with an experienced Frankfort bankruptcy lawyer who can assist you.
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